The report "Ferro Silicon Market by Type (Atomized Ferrosilicon, Milled ferrosilicon), Application (Deoxidizer, Inoculants), End-use Industry (Stainless Steel, Cast Iron, Magnesium), and Region (Asia Pacific, Europe, North America, MEA, SA) - Global Forecast to 2028", is projected to reach USD 12.9 billion by 2028, at a CAGR of 3.4% from USD 10.9 billion in 2023. The research report delivers an in-depth analysis of the leading ferrosilicon market size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

The ferrosilicon market is mainly driven by the robust demand for steel in the automotive, construction, and manufacturing industries. Moreover, it is also driven by a growing focus on renewable energy to reduce carbon emissions.

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"Cast iron segment is projected to grow at fastest CAGR, in terms of value, during the forecast period."

Ferrosilicon serves as a key alloying element in the manufacturing of cast iron, aiding in the control of the carbon content and influencing the microstructure and properties of the final product. Cast iron, known for its excellent casting properties, strength, and wear resistance, finds extensive utilization in various industrial sectors such as automotive, construction, and manufacturing. Its versatility enables its use in the production of engine blocks, machinery components, pipes, and other heavy-duty applications that demand robust and durable materials.

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"Asia Pacific is expected to be the fastest growing market for ferrosilicon during the forecast period, in terms of value."

The markets of Asia Pacific are registering high growth, and the trend is projected to continue during the forecast period. With a burgeoning automotive industry, expanding construction sector, and increasing investments in various manufacturing processes, the need for ferrosilicon has soared to meet the escalating demand for high-quality steel and other alloy products. Furthermore, the region's burgeoning technological advancements and the emphasis on energy-efficient materials have amplified the importance of ferrosilicon, given its role in enhancing the properties of steel and other alloys. The Asia Pacific market's inclination toward sustainable and durable materials, coupled with the region's economic growth and evolving consumer preferences, is further propelling the demand for ferrosilicon across diverse industries.

Ferro Silicon Market Key Players

Agreement and expansions are the major growth strategies adopted by the key players in the ferrosilicon market. The key global players in the ferrosilicon market include Elkem (Norway), RFA International (Switzerland), DMS Powders (South Africa), Ferroglobe (UK), Eurasian Resources Group (Luxembourg), Feng Erda Group (China), Finnfjord AS (Norway), Mechel PAO (Russia), Om Holdings Ltd (Singapore), Maithan Alloys Ltd (India) and others.

Elkem

Elkem is one of the leading companies, providing advanced silicon-based materials. The company has expertise in developing silicones, silicon products and carbon solutions by combining natural raw materials. The company operates through three business segments, namely silicones, silicon products, and carbon solutions. The company’s product line includes silicones, silicon-based materials, foundry alloys, carbon-based materials, and others. Elkem serves various markets, including mobility & transportation, healthcare, construction, science & chemicals, personal care & consumer goods, digital communication, energy & power, advanced manufacturing and industrial. The company has a global presence, operating in North America, South America, Europe, the Middle East & Africa, and Asia Pacific

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RFA International

RFA international is the world leader in the supply of ferrochrome, ferrosilicon, micro silica, and other ferroalloy products. The company serves a diverse clientele that includes prominent construction firms, specialty steel producers, stainless steel manufacturers, and foundries across the continents of Africa, Asia, Europe, the Middle East, and both North and South America. The company has a presence in all markets through branch offices and agency agreements.